🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Italy readies targeted tax breaks for farmers, minister says

Published 02/07/2024, 11:28 AM
Updated 02/07/2024, 11:33 AM
© Reuters. FILE PHOTO: Farmers drive their tractors to reach Rome as they protest over price pressures, taxes and green regulation, grievances shared by farmers across Europe, in Bolsena, Italy, February 5, 2024. REUTERS/Yara Nardi/File Photo

By Angelo Amante

ROME (Reuters) - Italy's government will offer targeted tax breaks to help farmers facing hardship, a minister told parliament on Wednesday, looking to provide support to the sector amid a wave of protests across Europe.

Farmers have staged demonstrations to express their anger about low prices for produce, rising costs, cheap imports and constraints imposed by the European Union's drive to fight climate change, demanding action by authorities.

The protests have eased in France and Germany for now but appear to be growing in intensity in countries such as Spain and Italy, where groups of farmers have congregated outside Rome with their tractors.

The government appears set to partially restore an income tax break which had been dropped in the budget law for 2024, accepting one of the farmers' key requests.

"A measure aimed at providing tax exemption for those agricultural entrepreneurs who need effective support .... is being studied," Parliament Minister Luca Ciriani told the lower house of parliament.

"It is clear that the main priority for this government in managing public resources is to use them to support the weakest," added Ciriani, a member of Prime Minister Giorgia Meloni's Brothers of Italy party.

He said the tax breaks could be included in a government decree currently being examined in parliament.

Farming is a sensitive sector for Meloni's right-wing administration. Coldiretti, the main agricultural lobby group, has a close relation with the government but the current protests are being led by a number of individual associations.

© Reuters. FILE PHOTO: Farmers drive their tractors to reach Rome as they protest over price pressures, taxes and green regulation, grievances shared by farmers across Europe, in Bolsena, Italy, February 5, 2024. REUTERS/Yara Nardi/File Photo

Meloni on Wednesday said her government had already done much to protect Italian farmers from European policies seen as harmful.

"The government defended the agricultural sector from some choices that we felt were too ideological", she told an event.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.